comment letter

Joint Trades Letter to HFSC Sharing Concerns about Proposed Stablecoin Legislation


Dear Chairman McHenry and Ranking Member Waters:

On behalf of the Credit Union National Association, American Bankers Association, the Consumer Bankers Association, and our member banks and credit unions, we write to offer our shared perspectives and concerns with proposed stablecoin legislation under consideration by the Committee. Throughout the last year, we have engaged the Committee by providing informal feedback, sending letters and submitting statements for the record expressing our views on various iterations of draft legislation. While we appreciate the changes made in some of those drafts, namely the removal of non-insured depository institution access to Fed Master Accounts, we remain concerned with several provisions that could threaten financial stability and consumer protection in the stablecoin ecosystem.

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